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Japan: Merger boosts foreign agriculture ties in Australia

 |  February 6, 2014

Japan-based Sumitomo Corp has reportedly boosted its share of Australia-based Emerald Grain to full control in the latest takeover by a foreign firm in Australia’s agricultural industry.

The Japanese company had already owned a 50 percent share in Emerald Green; the additional 50 percent buy was acquired as part of Sumitomo’s merger with partner Emerald Agribusinesses Group, say reports.

The Australian Competition and Consumer Commission, along with other regulators, reportedly cleared the deal without concessions. Financial details of the merger were not made public.

While Australian agriculture has attracted foreign investors, the nation rejected last year’s buyout bid of $2.5 billion to acquire GrainCorp by us firm Archer Daniels Midland.

Full Content: Reuters

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